Renovated Duplex with Separate
New
For Sale
$849,000
1305 N Palmway, Lake Worth, FL 33460
MULTI_FAMILY - Lake Worth Beach, FL
Property Size1,726 SF
Lot Size0.11 Acres
Price / SF$491.89
Days on Market3
Property Features for 1305 N Palmway
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF-R (city)
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Window features
Storm Window(s)
Patio and Porch features
Deck, Patio
Pets allowed
No, Yes
Exterior features
Garden
Subdivision
NORTH LAKE WORTH
Elementary school
North Grade K-8
Middle school
Lake Worth
High school
Lake Worth
Standard status
Active
APN
38434415160600150
Size
1,726 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH LAKE WORTH LT 15 BLK L
Tax Annual Amount
15080
Legal Description
NORTH LAKE WORTH LT 15 BLK L
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air, Electric
Water source
Public
Building Details
Year built
1933
Floors in Building
1
Number of units
2
Flooring type
Wood
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Illustrated Properties LLC
(561) 582-5338
Listed By:
Jonathan Allen · License #3250090
(561) 312-8713
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 18 at 1:06AM
MLS# B26064822
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated in 2021/2022, this duplex contains two separately accessed residences totaling 1,726 square feet. The front unit measures 1,066 square feet under air and includes two bedrooms, one bathroom, an open kitchen, dining area, oak flooring, walk-in shower, and wood deck. The 660-square-foot rear unit also offers two bedrooms and one bathroom, along with its own kitchen, storage or flex room, and fenced patio. Both residences have individual meters, hurricane-impact windows and doors, recessed lighting, custom window treatments, and walk-in closets. The property is currently operating as an Airbnb, with furnishings negotiable.
The 0.11-acre property sits in a predominantly single-family residential area east of Federal Highway, one block from a golf course and the Intracoastal. Downtown and the beach are minutes away. Public water and sewer serve the property, and the rear unit has off-street parking accessible from the alley.
The 0.11-acre property sits in a predominantly single-family residential area east of Federal Highway, one block from a golf course and the Intracoastal. Downtown and the beach are minutes away. Public water and sewer serve the property, and the rear unit has off-street parking accessible from the alley.
Key Highlights
- Two 2‑bedroom, 1‑bath units with separate private entrances
- 1,726 square feet total; front unit is 1,066 SF and rear unit is 660 SF
- Renovation completed in 2021/2022
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,772
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$575,440
$575.4K
Cap Rate 7%
$411,029
$411.0K
Cap Rate 9%
$319,689
$319.7K
Market Conditions
NOI Build-Up for 1,726 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.5K $25.20/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$41.1K $23.81/SF
− OpEx
−$12.3K −$7.14/SF
NOI
$28.8K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$575,440
Cap Rate 7%
$411,029
Cap Rate 9%
$319,689
Alternative Uses
Best Use
Multifamily LT 5
$411.0K
$359.7K – $479.5K
NOI $28,772 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$379.2K
$331.8K – $442.4K
NOI $26,545 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,088 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 33460, FL
36,409
Population
14,769
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
72%
High-School Grad
4.7 sq mi
ZIP Area
7,747
Density / Sq Mi
$61,702
Median Household Income
$32,388
Median Earnings
$1,411
Median Rent
$333,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two independently metered units offer updated interiors, private outdoor areas, and off-street parking.
Where is this duplex located?
The property is located at 1305 N Palmway Lake Worth, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units with separate private entrances; 1,726 square feet total; front unit is 1,066 SF and rear unit is 660 SF; Renovation completed in 2021/2022
